The global azimuth thrusters market size was USD 498.5 million in 2021. The market is expected to grow from USD 526.4 million in 2022 to USD 583.8 million by 2029, exhibiting a CAGR of 1.49% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Azimuth Thrusters Market, 2022-2029.”
Russia-Ukraine War Impact:
Influence of Russia-Ukraine War Emergency on Marine Sector
- European nations have surged their defense capitalization owing to Russia’s attack on Ukraine. German government assigned USD 109 billion, which is excess to the total defense bill for 2021.
- Additionally, Poland and Denmark also confirmed augmentation in the defense budget for security intentions. In March 2022, Polish National Defense Minister declared that Warsaw will procure three novel Mine Countermeasure Vessels (MCVs) to fuel its naval size in the Baltic Sea.
- Therefore, with increasing spending on attainment of novel warships and amplified capitalization on modernization of naval vessels, the market will observe substantial growth during the forecast period.
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1500KW-3500KW Segment Led Market in 2021 Due to Surging Demand from Cargo & Survey Vessels
Based on type, the market is segregated into less than 1500KW, 1500 KW-3500KW, and more than 3500KW. The 1500KW-3500KW segment held the largest share in the market in 2021. The domination is on account of the growing implementation of thrusters in cargo vessels and survey vessels.
Hydraulic Drive System Segment Will Display Greatest Growth Owing to Increasing Usage in Naval Vessels
Based on drive system, the market is divided into diesel drive system, electric drive system, and hydraulic drive system. The electric drive system segment is predicted to be the largest segment during the forecast period. The growth is owing to the greater demand for lightweight vessels.
Naval Ships Segment Led the Market in 2021 Due to Augmented Demand for Tugboats and Submarines
Based on vessel type, the market is classified into offshore drilling, naval ships, offshore wind farms (CTVs, SOVs), recreational boats, and others.
The naval ships segment led the market and is predicted to continue its domination during 2022-2029. The growth is backed by increasing demand for submarines, surveillance vessels, and tugboats, among others.
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Augmentation in Maritime Vessels Alteration and Upgradation Programs to Drive Aftermarket Segment
Based on end-user, the market is divided into Original Equipment Manufacturers (OEMs) and aftermarket.
The OEM segment is likely to be the greatest segment owing to the surging investments in naval sector, attainment of novel vessels, and quick growth in seaborne cargo trade.
The market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report offers insightful information gained by extensive review conducted by our researchers. An all-embracing research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Drivers and Restraints:
Increasing International Seaborne Trade Activities to Boost Azimuth Thrusters Market Growth
As per the United Nations Conference on Trade and Development (UNCTAD) maritime transport report 2021, the international maritime trade is predicted to rise by 4.3%. Moreover, Japan, China, and South Korea have arisen as the key nations in the shipbuilding industry. The propeller is an effective system of the marine vessels. Therefore, the rising demand for naval vessels and cargo ships for seaborne trades is fueling the market growth.
High maintenance cost related with substituting the conventional thrusters hinders the growth of the market. There is huge cost engaged in modernization and upgrading of progressive thrusters. Therefore, the requirement of promoted azimuth thrusters in naval vessels obstructs the market growth.
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Asia Pacific to Lead Backed by Surging Acquisition of Naval Vessels
Asia Pacific held the largest azimuth thrusters market share and dominated in 2021 with total value at USD 262.5 million. The domination is owing to the prompt extension of the shipbuilding industry and growing attainment of naval vessels from developing nations such as China and India.
Europe would grow with a highest CAGR during the forecast period. The growth is backed by the existence of prime OEMs such as Brunvoll, ABB Marine, and KONGSBERG.
North America is anticipated to demonstrate substantial growth during 2022-2029. The growth is stoked by greater spending on naval vessels from the U.S. Navy.
Prime Players Sign Considerable Deals to Make Noticeable Modifications in Market
The companies of azimuth thrusters functioning in the market often employ various tactics that are likely to aid the market growth as well as inflate the product demand. Among the abundant available tactics, one such remarkable strategy to extend the business opportunity is engaging into multimillion contracts with different organizations and safeguarding a profitable revenue for their own company.
Key Industry Development:
January 2022- Kongsberg signed an agreement with Sanmar Shipyards to supply US255SFP and US205SFP thrusters for installation on novel Azimuth Stern Drive (ASD) tugboats, the Turkish shipyard is building for Svitzer.
List of Key Players Mentioned in the Report:
- ABB (Switzerland)
- Brunvoll AS (Norway)
- Caterpillar (U.S.)
- Hydromaster (Netherlands)
- IHI Power Systems Co., Ltd. (Japan)
- Jastram (Germany)
- Kawasaki Heavy Industries, Ltd. (Japan)
- KONGSBERG (Norway)
- SCHOTTEL GROUP (Germany)
- Steerprop (Finland)
- Thrustmaster (U.S.)
- Veth Propulsion (Netherlands)
- Voith Turbo (Germany)
- Wartsila Corporation (Finland)
- Wuxi Ruifeng Marine (China)
- ZF Friedrichshafen AG (Germany)
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